I have a deal right now where CITI and the investor have agreed to the short sale but the MI company is only allowing the 2nd lien $1K and that note is around $50K. The 2nd lien is GMAC and they won't accept anything less than $5K. This battle over $4K is holding up the deal from being approved and the seller is not allowed to contribute any of the funds to make up the difference.
Does anyone have any insight into what I can do? I have not talked to the MI company yet and to be honest, have not ever had to in the last 4 years I been doing short sales. For some reason, the MI companies have been a nusance on these short sales only in the recent months. Is it due to the increased payout on the policies or is there something I am missing? I hate working so hard all the way up to the last month and then finding out these demands are not going to be met. Nobody wins in my opinion.
Please help or advise............thanks and God Bless! Sheila Vardakis